date:Oct 24, 2012
t is received the year after the year of the crop loss. So if the farmer receives his insurance payment in 2013 for the 2012 affected crops, it cannot be deferred.
If you want to postpone reporting crop insurance income this year, Marrison says you'll need to report your insurance proceeds on line 8a of your Schedule F form, but not as a taxable amount on line 8b. Check the box on line 8c and attach a statement to your tax return. It must include the taxpayer's name and address, he says. You'll